C153771 Contract - Laserfiche WebLink

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disbursement of any loan funds. The BORROWER acknowledges that the STATE shall perfect its security interest in the BORROWER'S right to receive the Pledged Revenues by filing a UCC-1 Form with the Colorado Secretary of State. c. Assessments For Repayment Of The Loan. Pursuant to its statutory authority, articles of incorporation and by-laws, and as authorized by its resolution, the BORROWER shall take all necessary actions consistent therewith to levy assessments in amounts sufficient to pay this loan as required by the terms of this contract and the promissory note. In the event the assessments levied by the BORROWER become insufficient to assure such repayment to the STATE, the BORROWER shall immediately take all necessary action consistent with its statutory authority, its articles of incorporation, bylaws and resolutions, including, but not limited to, levying additional assessments to raise sufficient revenue to assure repayment of the loan to the STATE. d. Assessments For Reserves, Pursuant to its statutory authority, articles of incorporation, by- laws, and resolutions, the BORROWER shall levy assessments from time to time as necessary to provide sufficient funds for adequate debt service reserves. 10. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the property provided as security for this loan, or any of the revenues pledged to repay the loan herein, so long as any of the principal and any accrued interest on this loan which remain unpaid, without the prior written concurrence of the STATE. 11. Remedies For Default. Upon default in the payments herein set forth to be made by the BORROWER, or default in the performance of any covenant or agreement contained herein, the STATE, at its option, may: a. declare the entire principal amount and accrued interest then outstanding immediately due and payable; b. act upon the promissory note, security agreements, deed(s) of trust, Assignment of Certificate of Deposit, Assignment of Escrow Account as Security, and Assignment of Deposit Account as Security; c. apply the funds contained in the CD ACCOUNT to the repayment of the loan and/or d. take any other appropriate action. All remedies described herein may be simultaneously or selectively and successively enforced. The provisions of this contract may be enforced by the STATE at its option without regard to prior waivers of previous defaults by the BORROWER, through judicial proceedings to require specific performance of this contract, or by such other proceedings in law or equity as may be deemed necessary by the STATE to ensure compliance with provisions of this contract and the laws and regulations under which this contract is executed. The STATE'S exercise of any or all of the remedies described herein shall not relieve the BORROWER of any of its duties and obligations under this contract. 12.ln Event Of A Conflict. In the event of conflict between the terms of this contract and conditions as set forth in any of the appendices, the provisions of this contract shall control. 13. Periodic Inspections. Throughout the term of this contract, the BORROWER shall permit a designated representative of"the STATE to make periodic inspections of the BORROWER'S operating records and financial records. Such inspections are solely for the purpose of verifying compliance with the terms and conditions of this contract. 14. Adhere To Applicable Laws. The BORROWER shall strictly adhere to all applicable federal, state, The Horse Creek Water Users Association Page6of11 Loan Contract "